Premium| Listen to this article |
NEW DELHI: Crude oil prices were under pressure on Tuesday as the European Union (EU) continued to face resistance to its push for a ban on energy imports from Russia.
The EU on Monday failed to bring Hungary on board in support of the proposed embargo on imports amid Russia’s invasion of Ukraine.
At 0105 pm, the July contract of Brent on the Intercontinental Exchange traded at $114.17, down 0.06% from previous close. West Texas Intermediate futures on the NYMEX fell 0.28% to $113.88 a barrel.
Ravindra Rao, head of commodity research at Kotak Securities, said that along with EU’s struggle to reach a consensus on the proposed ban on Russian oil imports, disappointing Chinese economic data also weighed on prices.
China's April retail sales fell 11.1% from a year ago, while industrial production fell 2.9%, as per official data.
Rao expects crude prices to remain volatile going ahead.
Domestic retail fuel prices, meanwhile, have remained unchanged for over 40 days now. In Delhi, the pump price of petrol is ₹105.41 per litre, and diesel sold for ₹96.67 a litre.
Prices were last raised by 80 paise a litre on 6 April. Cumulatively, petrol and diesel prices rose around ₹10 per litre during 22 March-6 April amid surging international oil prices.
High crude prices have an impact on the Indian economy as the country imports 80% of its energy requirements. India's crude oil basket, comprising Oman, Dubai and Brent grades, was at $107.81 per barrel on 13 May.